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Forex Flash: UK faces challenge of differentiating between luck and credibility - Societe Generale

FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that he is buying EUR/GBP gamma around Carney’s start at the BoE.

He adds that BoE central bankers were lucky to benefit from the rise of Asia and Eastern Europe with its new labour pools. However, he adds that the next test for the UK may be differentiating between good luck and a measurable increase in credibility. On the subject of the latest UK debt downgrade, he comments that Fitch downgraded the nation to AA+ from AAA on Friday in a move owing to weakened economic outlook. He writes, “ Look out for the GDP report on Thursday, which could trigger triple-dip fears. The UK's economic momentum is weakening, and we look for the BOE to further ease monetary policy later in the year. Keep short cable.”

US: Existing Home Sales fall unexpectedly by -0.6% to 4.92M in March

Instead of improving to 5.01M in March, US existing home sales fell from 4.95M to 4.92M, disappointing analysts. February data was revised lower from 4.98M to 4.95.
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Forex: USD/JPY falls to 99.40/44 after US housing data

The USD/JPY broke out of its tight consolidation Monday, having learned of mixed economic data in the United States. In what has been a rather muted trading day, the pair has now incurred a loss of -0.37% off its opening, settling at 99.40/44.
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